Stagflation With a Small S

There are two concepts, or therre and this, again gets back to narratives, is that there's different definitions of stagflation. The stag flation story that a lot of people talk about is a long term concept of demographics. And agine insteard of the stagflation that we may have seen in the eighties, where there's the maleys with the with a big energy crisis and na higher inflation. Ah, so that we'll call that stag flation with a big s. I think that what we're really seeing now,. is staglation with a small s, which means is that inflation is higher than what people expect. So it's higher than than expectations we

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